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Drug Price Negotiations

All articles tagged with #drug price negotiations

healthcare2 years ago•3 min saved

Medicare drug price negotiations: What's next for drugmakers?

All 10 drugmakers of the first selected medicines for Medicare drug price negotiations have agreed to participate, despite previously suing to halt the process. The negotiations, empowered by President Joe Biden's Inflation Reduction Act, aim to make costly medications more affordable for older Americans. The companies now have until Monday to submit economic and market information on their drugs. The negotiation process will continue until August 2024, with reduced prices taking effect in January 2026. The talks are expected to save Medicare an estimated $98.5 billion over a decade and provide cost savings for Medicare enrollees.

via CNBC|

#affordability #drug-price-negotiations #healthcare

healthcare2 years ago•3 min saved

Judge Denies Request to Block Medicare from Negotiating Drug Prices

A federal judge has rejected a request by the Chamber of Commerce to block the Biden administration's implementation of Medicare drug price negotiations. The ruling upholds the controversial process aimed at making expensive medications more affordable for older Americans. The pharmaceutical industry, which sees the negotiations as a threat to revenue growth and drug innovation, has filed multiple lawsuits challenging the constitutionality of the negotiations. The judge's decision is a setback for the industry, as the negotiations are expected to save Medicare an estimated $98.5 billion over a decade. The first round of price talks will involve 10 drugs and is set to conclude in August 2024, with reduced prices taking effect in January 2026.

via CNBC|

#biden-administration #drug-price-negotiations #healthcare

healthcare2 years ago•7 min saved

Biden Administration Reveals Initial Drugs for Medicare Price Negotiations

The Biden administration has unveiled the first 10 medications that will be subject to price negotiations with Medicare, marking a significant step in the effort to reduce drug spending. The selected drugs, which treat conditions such as diabetes, cancer, and heart failure, are taken by millions of older Americans and cost Medicare billions of dollars annually. The negotiation program is projected to save the government $98.5 billion over a decade and is expected to eventually lower insurance premiums and out-of-pocket costs for many older Americans. The pharmaceutical industry has opposed the program and has taken legal action to block it.

via The New York Times|

#biden-administration #drug-price-negotiations #healthcare

healthcare2 years ago•2 min saved

Merck sues US government over Medicare drug price negotiations.

Merck has filed a lawsuit against the Department of Health and Human Services and the Centers for Medicare and Medicaid Services to block Medicare drug price negotiations, calling the program unconstitutional. The pharmaceutical company argues that the negotiation program, part of the Inflation Reduction Act, is “tantamount to extortion” and violates its First and Fifth Amendment rights. Merck is seeking an injunction to stop the rules from going into effect and intends to litigate the matter all the way to the U.S. Supreme Court if necessary.

via POLITICO|

#drug-price-negotiations #healthcare #lawsuit

healthcare2 years ago•2 min saved

Legal Action Looms for Medicare Over Drug Price Negotiations, Says Pfizer CEO

Pfizer CEO, Albert Bourla, predicts that pharmaceutical companies will likely take legal action against Medicare drug price negotiations, which aim to cut costs for older Americans, but will likely reduce company profits. Bourla called the plan "negotiation with a gun to your head" and argued it will cut pharmaceutical profits and force thousands of companies to pull back on developing life-saving medicines. However, he acknowledged some positive aspects of the law for patients, such as lower out-of-pocket costs for medicines.

via CNBC|

#drug-price-negotiations #healthcare #legal-action